![]() “While a rising interest rate environment contributed to the result, this was offset by intense competition in home lending, which we expect to remain a feature of the market for some time into the future.” “The New Zealand economy has remained remarkably resilient, however the impact of a softening housing market, stubbornly high inflation and the impact of a rising official cash rate is starting to have a material impact on businesses and households,” she said. Its credit impairment charge came to $121 million, up $62 million.Ĭustomer deposits and net loans and advances were broadly flat.Ĭhief executive Antonia Watson said it was a good result, with all parts of the business performing well, but she added the bank was preparing for an uncertain economic environment. The bank’s statutory net profit fell by 17 per cent to $1.0 billion. Canterbury Mornings with John MacDonald PodcastĪNZ Bank New Zealand – the country’s biggest bank – said its cash profit rose by 1 per cent in the six months to March to a “large” $1.1 billion.Wellington Mornings with Nick Mills Podcast. ![]() The Resident Builder Podcast with Peter Wolfkamp. ![]() ![]()
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